Everi Holdings Inc EVRI has agreed to acquire certain strategic assets of Venuetize Inc, a privately-owned mobile platform provider in the sports, venue and entertainment markets.
The deal is expected to expand Everi’s addressable market beyond the casino gaming industry and broaden the range of mobile capabilities to its established gaming customers.
Venuetize’s technology is live in nearly 100 global venues, including partnerships with more than 50 sports teams and event venues.
Under the terms of the asset purchase agreement, the company will make an initial payment at the time of closing of $18 million less any deposit previously provided.
Subject to achieving specific revenue growth targets over the subsequent thirty-month period post-closing, additional contingent performance payments are expected to be $2 million – $6 million.
The transaction is anticipated to close within thirty days and will be funded from existing cash on hand.
Following the acquisition of the assets, Venuetize’s team will join Everi.
“Venuetize will grow Everi’s base of recurring revenues, and leverage our combined capabilities and third-party integrations to further elevate the capabilities of our range of mobile and wallet offerings for both gaming and gaming-adjacent customers,” said Darren Simmons, EVP and FinTech Business Leader of Everi.
Price Action: EVRI shares closed higher by 2.53% at $16.63 on Monday.
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